Emilios Avgouleas's research while affiliated with The University of Edinburgh and other places

... The starting point of the narrative was the low economic growth in the EU in the aftermath of the international financial and sovereign debt crises and the limited amount of (bank-intermediated) funding available to the real economy. On its webpages and in regular communications on CMU, the Commission argued that bank lending in the EU accounted for an excessively large percentage of total funding to the real economy (75-80 per cent), which was the reverse of the United States (US), 4 where banks provided only 20 per cent (Commission 2015a) and exposed large parts of the EU economy to a credit Hill (2015cHill ( , 2015dHill ( , 2015e, 2016a. b Hill (2015c);Singh (2015). ...

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The policy narratives of European capital markets union

... Ferran (2015), pp 101-102 notes that the focus on the clear supervisory objectives of the Twin Peaks model is typically associated with more uniform and responsive supervisory practices than other possible institutional frameworks, namely sector-based systems (such as the ESFS) or single supervisory authorities for any given jurisdiction. 366 Colaert (2015), pp 1611-1613; Schoenmaker and Véron (2017), pp 5-9; Avgouleas and Ferrarini (2018), pp 69-72. centralisation of supervisory tasks is possible only after an agreement on loss mutualisation. ...

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Central Counterparties are Too Big for the European Securities and Markets Authority (Alone): Constructive Critique of the 2019 CCP Supervision Regulation

... As a result, the 'CMU-inspired revival' of securitisation and the new comprehensive regulatory framework is a product of collaboration between the EC and the industry: In the wider context of the CMU, the regulator prioritised market-driven solutions, 259 by asking the market and listening to its concerns. 260 The detailed responses made by various industry bodies called for a fundamental reconsideration and adoption of a different, positive approach towards the technique. These responses have clearly influenced the regulatory approach taken in the new framework. ...

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Regulating Securitisation in the Aftermath of the Global Financial Crisis: Lessons from Europe 183

... Gambacorta and Van Rixtel (2013).211 Avgouleas (2016), pp 279-307. For the homogenization problem, seeAvgouleas (2012), chapters 2, 3. ...

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Can the Plight of the European Banking Structural Reforms be a Blessing in Disguise?

... Moreover, Ethereum's composable software stack ensures that DeFi applications (dapps) are built to integrate and complement one another. See Avgouleas and Seretakis (2022), p 17. locked in DeFi reached an all-time high of $253 billion in December 2021. 10 DeFi is a term used to describe an ecosystem comprising financial applications built on top of blockchain networks which do not rely on traditional financial intermediaries such as brokerages, exchanges, or banks. ...

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How Should Crypto Lending Be Regulated Under EU Law?

... Another proposal is that of Avgouleas and Micossi (2021) and Micossi (2021), which suggest to transfer a substantial part of the sovereign bonds purchased by the Eurosystem, both during the COVID-19 crisis and before, to the ESM. This would not only avoid, according to these authors, the potentially disruptive effect on the bond markets of having the ECB release these sovereign bonds rapidly once the monetary policy justification for holding them in its books disappears but could also have a salutary impact on the availability of euro-denominated safe assets, thus supporting the euro's international status. ...

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The EU's Response to the COVID-19 Crisis: A Game Changer for the International Role of the Euro?

... Positive significant coefficients of the dummy variables Y_2015 and FREQ suggest that CAR is higher after 2015 (i.e., the post-coup period) and for the bank with the most frequent sales. In a period of fragility in the banking sector due to an excessive level of structural changes, sales of distressed assets can mitigate financial risks (Arner et al., 2020). Being a frequent seller in the NPL market can also be perceived as a signal of active portfolio management (Rubio et al., 2017). ...

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The Impact of Non-Performing Loan Sales on the Stock Market: The Role of Corporate Governance in an Emerging Market

... Decentralised finance is a type of blockchain-based digital finance. Decentralised finance transforms traditional financial products into products that operate without an intermediary through smart contracts on a blockchain (Avgouleas and Kiayias, 2020). Decentralised finance is financial services offered on a public blockchain over the internet. ...

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Digital finance research and developments around the World: a literature review

... As a result, it did not just become a health crisis; the world economy suffered a significant scale shock (Sohrabi et al., 2020). At least three other pecuniary shocks preceded Covid-19 in the late 1990s (Buckley et al., 2020). Among these were: Asian fiscal shocks (Sayaseng, 2020) and the European debt crisis (Buckley et al., 2020). ...

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Leadership strategy and organisational resilience among Kenyan listed banks

... Em trabalhos como (Pennino et al., 2021;Hasan et al., 2020;Avgouleas and Kiayias, 2019;Moura et al., 2020;Tan et al., 2022;Silva and Marques, 2021;Čučko and Turkanović, 2021;Stockburger et al., 2021), evidencia-se como aplicativos e sistemas podem se beneficiar da arquitetura P2P descentralizada oferecida pela Blockchain. Em geral, estes trabalhos apresentam protótipos de prova de conceito, prontamente escaláveis, aplicáveis genericamente e, com efeito, 'pronto para prosperar' em diversas áreas, além de abordarem questões éticas importantes. ...

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Uma perspectiva tecnológica para o uso de Blockchain na Identificação Civil: uma revisão sistemática